The Role of Cost Accounting in Tracking Healthcare Expenditures in Balanga Local Government Area
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Background of the Study
Healthcare services in Balanga Local Government Area (LGA) are critical for improving public health and wellbeing. The management of healthcare expenditures, particularly in public health institutions, is essential for ensuring that funds are used effectively to meet the needs of the population. Cost accounting methods help track and control healthcare expenditures by identifying areas where inefficiencies occur and providing data for better decision-making (KPMG, 2017).
This study will explore the role of cost accounting in tracking healthcare expenditures in Balanga LGA, with a focus on improving financial oversight and accountability in the healthcare sector.
Statement of the Problem
Healthcare institutions in Balanga LGA often face challenges in managing and tracking expenditures due to limited financial resources and lack of proper cost accounting practices. Without effective monitoring, there is a risk of overspending and mismanagement of healthcare funds. This study investigates the role of cost accounting in improving expenditure tracking and enhancing accountability in healthcare institutions.
Aim and Objectives of the Study
The aim of this study is to examine the role of cost accounting in tracking healthcare expenditures in Balanga LGA.
The objectives are:
- To identify the cost accounting techniques used in tracking healthcare expenditures in Balanga LGA.
- To evaluate the impact of cost accounting on the financial management of healthcare institutions.
- To explore the challenges faced by healthcare institutions in applying cost accounting for expenditure tracking.
Research Questions
- What cost accounting techniques are used to track healthcare expenditures in Balanga LGA?
- How effective is cost accounting in improving financial management and expenditure tracking in healthcare institutions?
- What challenges do healthcare institutions face in implementing cost accounting to track expenditures?
Research Hypotheses
- The use of cost accounting techniques leads to better tracking and control of healthcare expenditures in Balanga LGA.
- Healthcare institutions in Balanga LGA that apply cost accounting techniques report improved financial management and accountability.
- Healthcare institutions in Balanga LGA face significant challenges in applying cost accounting due to insufficient resources and lack of financial expertise.
Significance of the Study
The study will help healthcare managers and policymakers in Balanga LGA understand the importance of cost accounting in tracking healthcare expenditures. The findings will guide the development of better financial management practices in public healthcare institutions.
Scope and Limitation of the Study
The study will focus on healthcare institutions in Balanga LGA. Limitations include potential difficulty in accessing detailed financial records and the reluctance of health administrators to share sensitive data.
Definition of Terms
- Cost Accounting: A process used to track, control, and analyze costs associated with specific activities or departments within an organization.
- Healthcare Expenditures: The financial resources allocated for the provision of healthcare services, including staff salaries, medical supplies, and facility maintenance.
- Balanga Local Government Area: A local government area in Gombe State, Nigeria, where public healthcare services are offered to the population.
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